AlbertC
Superstar
Future redevelopment of the shopping plaza at the SE corner of Kingston Road & Rougemount Drive in Pickering. The anticipated plans call for a mixed-use site including two residential towers to be built.
Current view of the site:
Decade Capital buys Pickering plaza, plans redevelopment
Decade Capital has closed on what its founders, Idan Mizrahi and Mike Siskind, call a “marquee acquisition” in the Greater Toronto Area city of Pickering. The Toronto-based company acquired a 2.2-acre site at 375 Kingston Rd. occupied by a 27,500-square-foot
renx.ca
The Toronto-based company acquired a 2.2-acre site at 375 Kingston Rd. occupied by a 27,500-square-foot retail plaza for $16 million from Pickering Square Inc. in a private transaction fully funded by Decade Capital. Current tenants include a butcher shop, an organic grocer, a doctors’ office, a dental clinic and a physiotherapy clinic.
“It’s a gateway site, as identified by the City of Pickering, and it’s also part of the Kingston Road intensification plan that the City of Pickering has put in place that will shape its new official plan,” RENX was told by Siskind during an interview with Decade Capital’s co-founders.
“We’re acquiring the plaza with tenants in place. Eventually the plan is to redevelop it into a mixed-use site including two residential towers.”
Decade Capital is in the initial stages of planning for the site and will submit a rezoning application to the city this fall. Siskind said it’s too early to release many details, but the plan is to have retail at grade with two condominium towers rising above which will offer views of Lake Ontario and the Rouge Valley.
Siskind said Decade Capital’s development, which it plans to build on its own without partners, will provide affordability for buyers and easy access to Highway 401, the Greater Toronto Area (GTA) and natural areas for recreation.
Current view of the site:
Last edited: